United Arab Emirates dirham
|banknotes-image= |banknotes-image-caption= 5 dirham note |coins-image= |coins-image-caption= 1 dirham coin |ISO= AED |users= United Arab Emirates |years= 1971–present |inflation= 1.3% (2013)[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] |pegged= United States dollar = 3.6725 dirhams |subunit= 1/100 fils |symbol= د.إ |coins= 25, 50 fils, 1 dirham |banknotes= 5, 10, 20, 50, 100, 200, 500, 1000 dirhams |central bank= Central Bank of the United Arab Emirates }} The United Arab Emirates dirham ( : درهم إماراتي; code: AED; symbol: د.إ) is the currency of the United Arab Emirates. Though the dirham's official code is AED, it is sometimes seen abbreviated as DH or Dhs. It is divided into 100 fils (فلس). History The UAE dirham was introduced during December 1971, replacing the Qatar and Dubai riyal at par. The Qatar and Dubai riyal had circulated since 1966 in all of the emirates, with an exception of Abu Dhabi, which used the Bahraini dinar up until the introduction of the dirham, at a rate of 1 dirham = 0.1 dinar. The name dirham is derived from the word, drachmae, which literally means "handful", through . Due to centuries old trade and usage of the dirham, it survived through the Ottoman regime. Coins In 1973, coins were issued in denominations of 1, 5, 10, 50 fils, and 1 dirham. The lowest denominated coins (1, 5, and 10 fils) were struck in bronze, while the other denominations were struck in cupronickel. The fils coins were the same in size and composition as the corresponding Qatar and Dubai dirham coins. During 1995, the 50 fils and 1 dirham coins were reduced in size, and the 50 fils changed to having an equilaterally-curved shape. The value and numbers inscribed on the coins are written in , and the text is . The 1, 5, and 10 fils coins are not commonly found in circulation, leading to all amounts being rounded to the nearest multiples of 25 fils. Since 1976, the Central Bank of the United Arab Emirates has minted a number of commemorative coins in 1, 5, 25, 50, 100, 500, 750, and 1000 dirhams. Fraud By August 2006, it became publicly known that the Philippine 1 peso coin is equal in size to a UAE 1 dirham coin. As 1 peso is equal to only 8 fils, this has led to vending machine fraud within the UAE. Along with this, the Australian 10 cent coin, Pakistani 5 rupee coin, the Omani 50 baisa coin, and the Moroccan dirham are also the same size as the UAE 1 dirham coin. To prevent fraud with banknotes, a falcon watermark is present. Banknotes In 1973, the United Arab Emirates Currency Board issued banknotes in denominations of 1, 5, 10, 50, 100, and 1000 dirhams. A second series was introduced in 1982, which omitted the 1 and 100 dirham banknotes. In 1983, the 500 dirham note was introduced, followed by 200 dirham in 1989, and new 1000 dirham notes in 2000. The banknotes currently found in circulation are denominated in 5, 10, 20, 50, 100, 200, 500, and 1000 dirham. The obverse text on the current notes is written in Arabic with numbers in Eastern Arabic numerals, while the reverse text is in with Arabic numerals. Exchange rates On January 28, 1978, the dirham officially became pegged to the 's Special Drawing Rights. In practice, it is commonly pegged to the United States dollar. Since November 2007, the dirham has been pegged to the dollar at a rate of 1 dollar = 3.6725 dirhams, or approximately 1 dirham = 0.272294 dollars. See also *Gulf rupee *Saudi riyal References * Category:Circulating currencies Category:Currencies of the United Arab Emirates Category:Currencies with an ISO 4217 code Category:United Arab Emirates dirham